Technology has evolved at a rapid pace resulting in smart phones, mobile applications, social media, wearable devices, and Internet of Things (IoT) devices flooding the market. Most of these devices include a set of powerful features for data collection and tracking. Consumers interact with hundreds of brands or companies and mobile applications each year. Examples of data collected include persistent device identifiers, workout routines, eating habits, length of exercise, medical search histories, zip code, gender, and geo-location, exact location tracking, real-time location tracking, sleep patterns, utility usage, driving habits, SSN, date of birth, search patterns, and website clicks. Each of these entities manages the personal data that best fits their needs leaving the consumer out in the dark. Often, consumers are not given proper notice with clarity, which may enable them to understand the data being collected. The ability of consumers to understand what personal information is being collected and shared by companies has serious limitations. Further, the collected data is often shared with one or more of third parties, vendors, technology service providers, advertising platforms, outsourcing companies, offshore companies and others without proper consent from the consumer.
In other words, the consumers have no central place to visit and understand what information various companies are collecting and what they are doing with the collected information. Further, the consumers have no central platform to retrieve the privacy practices of the brands they interact with. Yet further, the consumers have no way to set their privacy preferences for all their brands in one place.
Moreover, the companies are limited in their ability to manage data privacy risk resulting from persistent data collection from multiple sources, lack of explicit user consent, and massive growth in big data. The problem has grown to unmanageable proportions for both companies and consumers.
Accordingly, there is a need for methods and systems for facilitating management of service agreements in an efficient manner, which allows the customers to understand the personal data being collected and shared by various companies and/or for companies to better manage service agreements and data privacy risks across multiple channels.